Payments for Work Performed after the Effective Date of the Contract Price Proposal Clause Samples

Payments for Work Performed after the Effective Date of the Contract Price Proposal. For Work performed after the Effective Date of the Contract Price Proposal, Owner shall make progress payments within the time set forth in Section 5.4 below after Owner’s receipt of each properly submitted and accurate Application for Payment submitted in accordance with Paragraph 13.02 of the General Conditions. All such payments will be measured by the Progress Payment Schedule, pursuant to Paragraph 13.01 of the General Conditions, and shall reflect the total of payments previously made and amounts properly withheld as retainage, as set forth below, and under the Paragraph 13.03 of the General Conditions. Work completed as estimated shall be an estimate only and no inaccuracy or error in said estimate shall release DB Entity or any Surety from such work or from enforcing each and every provision of the Contract Documents. (1) Progress payments will be in an amount equal to ninety five percent (95%) of Work completed (with the balance as retention), and at the option of Owner, Owner may pay an amount equal to ninety five percent (95%) of materials and equipment not incorporated in the Work in place but delivered and suitably stored on Site, less in each case the aggregate of payments previously made. In no event shall payments for materials and equipment stored exceed ninety five percent (95%) of the value of the related cost for the specific item of work in place shown in the progress payment schedule regardless of the stated value of the materials or equipment. Owner may, at its sole option, pay an amount equal to ninety five percent (95%) of materials and equipment not incorporated in the work stored offsite if stored in a manner acceptable to Owner, as stated above for on-site stored materials. When payment to DB Entity is made for stored materials and equipment, DB Entity shall submit invoices marked paid by the supplier with the next month's request for payment to document that DB Entity has paid for said materials and equipment or the previously paid amount for stored materials shall be deducted from any remaining payment(s) or retainage for any stored materials not so properly documented. (2) The remaining five percent (5%) of such amounts shall be held as the Retention Amount and shall be released in accordance with Public Contract Code section 7107. If all of the necessary information is properly submitted, undisputed and accurate (including the progress payment schedule and certified payrolls), Owner shall approve the Progress Payment in acco...